Bondholders with 85.8% of private sector debt have accepted its bond swap offer. Greece will also activate collective action clauses in its bond agreements, which would effectively force all private bondholders to participate in the swap and clear the way for a new international bailout.
Reforms demanded by the EU and IMF along with deep budget cuts have provoked serious violence in Athens. Despite the success, the deal will not solve Greece's deep-seated problems and at best it may buy time for a country facing its biggest economic crisis.
Reforms demanded by the EU and IMF along with deep budget cuts have provoked serious violence in Athens. Despite the success, the deal will not solve Greece's deep-seated problems and at best it may buy time for a country facing its biggest economic crisis.
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